was down 13% on the weekly charts and traded below $55K. This week’s dump erased most of the significant gains made in Q1 after the US spot BTC ETF approval.However, crypto hedge fund Capriole Investments founder Charles EdwardsBTC has lost nearly $20K from its March peak of $73.7K to recent lows of $53.4K. That’s about a 26% decline.
However, per Edwards, this might not be the case for BTC. As such, the $50K psychological level could be a key target to watch.Interestingly, the negative market sentiment was linked to Mt. Gox and German Bitcoin sell-offs, per market observers.the sell-offs as a great way of clearing the pending supply overhang for an even greater tailwind in Q3 2024.
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